Frontline plc (NYSE:FRO) Receives $20.62 Average Target Price from Brokerages

Shares of Frontline plc (NYSE:FRO - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $20.62.

Several equities research analysts have recently commented on FRO shares. Evercore ISI decreased their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research note on Thursday, March 27th.

Hedge Funds Weigh In On Frontline

Several institutional investors and hedge funds have recently modified their holdings of FRO. Jones Financial Companies Lllp purchased a new stake in Frontline in the 4th quarter worth approximately $31,000. SVB Wealth LLC acquired a new stake in shares of Frontline during the first quarter worth $32,000. Bayforest Capital Ltd acquired a new position in Frontline in the first quarter valued at $34,000. Signaturefd LLC increased its stake in Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after purchasing an additional 989 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in Frontline during the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

FRO stock traded up $0.91 on Friday, hitting $18.09. The company's stock had a trading volume of 2,422,356 shares, compared to its average volume of 2,472,257. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 7.38 and a beta of 0.24. The firm has a 50 day moving average of $16.00 and a two-hundred day moving average of $16.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a 1 year low of $12.40 and a 1 year high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $427.87 million during the quarter, compared to analysts' expectations of $252.26 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The company's quarterly revenue was down 26.0% compared to the same quarter last year. Equities analysts predict that Frontline will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.42%. Frontline's dividend payout ratio is currently 36.04%.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.